A lot of us are guilty of not recognising our subordinates for a job well done. The general thinking is that they are doing the job they are being paid for. While that is true, if we want our employees to feel like part of the organisation, then we have to show them that we appreciate them. We chastise them when they don't do the job as required, so it makes sense to commend them when they get it right.
80% of the CVs I receive are from job seekers who have worked for an organisation for less than two years. Common reasons for wanting to move on are higher pay, career development and dissatisfaction at work. High staff turnover could prove to be costly for an organisation due to recruitment and training costs, as well as payment of end of service benefits which could have been deferred and provided for. If you want to retain your talented workers, you have to invest time and money in them and here are some ways:
A simple verbal or written thank you would suffice in some instances - just an acknowledgment that you are pleased with the work done. Public recognition on an annual basis (probably even profit sharing with those that contributed), little gifts or networking events are also ways in which you could show employees that you appreciate the effort they are making. It would also encourage other employees to work hard as they would want the same recognition.
2. Training & development
Training employees shows them that you care about their personal development and they generally tend to be more loyal to an organisation that invests in them. Add a promotion to that and it will make them think twice about leaving.
We all love feeling like we're part of something, so it is important to inform your employees of development plans. You could even ask for their opinions and make them feel like a part of the decision-making process.
Job hopping benefits no one in the long run. The talent pool is really small, so we should try to retain the good workers that we have by making them feel wanted.